Underwriting is all about assessing risks. That means a lot of paperwork.
Companies hire MBAs and other professionals to do multifamily underwriting. It’s expensive. It’s slow. And it’s worked for decades.
Technology is getting more powerful, and jobs that have always been done by humans are being done by computers. More and more companies are realizing that these innovative technologies can take hours of work and finish it in minutes.
Ten years ago, no one would have thought you could underwrite a deal in four minutes. Entire companies exist to help with underwriting so employees can focus on more important work.
One of our clients, Parag Goswami led a company with dozens of analysts doing the same basic tasks every day. He realized that more analysts was the wrong answer.
The industry is changing, and billions of dollars of real estate deals are underwritten by artificial intelligence every year. Companies are starting to recognize that.
Clik.ai was an early software company that did the underwriting for deals. Parag Goswami, the owner of Clik.ai, had to teach companies what AI could do for them. It was new. No one was used to it.
That was five years ago. The environment has changed. When he talks with clients, they are often already aware of the benefits of the technology.
Finishing deals faster and getting onto the next one. Enabling workers to focus on more important work. Being fast enough to get that one breakthrough deal.
Automatic underwriting is becoming the industry standard. Seventy years ago, “computers” were people who did simple math for a living. (They “computed” math.) It was basic labor. Computers were the standard then and are the standard now, but instead of a person it’s a device. A calculator.
Are your underwriters people, or an AI? The people doing your underwriting are professionals with degrees. They are spending their time doing work a computer could be doing instead.
“Computers” did math by hand for decades. It worked. Businesses did underwriting by hand for decades. It worked. Now the industry is changing. AI is able to assess deals faster. Fewer deals are slipping through the cracks.
Clik.ai automates over $50 billion in real estate underwriting every year. That number is growing. The industry is changing. Are you?